Banks Buying M&A League-Table Credit

Morgan Stanley and Goldman Sachs are said to have gotten credit as advisers on an M&A deal they didn't work on, by lowering fees they were owed.

By David Welch, Bloomberg|March 10, 2014 at 12:25 PM

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Morgan Stanley and Goldman Sachs Group Inc. both decided last month that it was worth losing millions of dollars in fees to get credit on a big merger they didn’t work on, four people with knowledge of the matter said.